8-K
WYNN RESORTS LTD (WYNN)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 6, 2025
WYNN RESORTS, LIMITED
(Exact name of registrant as specified in its charter)
| Nevada | 000-50028 | 46-0484987 | |
|---|---|---|---|
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (I.R.S. Employer<br>Identification No.) | |
| 3131 Las Vegas Boulevard South | |||
| Las Vegas, | Nevada | 89109 | |
| (Address of principal executive offices) | (Zip Code) |
(702) 770-7555
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common stock, par value $0.01 | WYNN | Nasdaq Global Select Market |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. |
|---|
On November 6, 2025, Wynn Resorts, Limited (the "Company") issued a press release announcing its results of operations for the quarter ended September 30, 2025. The press release is furnished herewith as Exhibit 99.1. The information furnished under Items 2.02 and 7.01 of this report, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
| Item 7.01 | Regulation FD Disclosure. |
|---|
The information set forth under Item 2.02 of this report is incorporated herein by reference.
| Item 8.01 | Other Events. |
|---|
On November 6, 2025, the Company announced that its Board of Directors declared a cash dividend of $0.25 per share, payable on November 26, 2025 to stockholders of record as of November 17, 2025.
| Item 9.01 | Financial Statements and Exhibits. |
|---|
(d)Exhibits.
| Exhibit No. | Description |
|---|---|
| 99.1 | Press release, dated November 6, 2025, of Wynn Resorts, Limited. |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| WYNN RESORTS, LIMITED | ||
|---|---|---|
| Dated: November 6, 2025 | By: | /s/ Julie Cameron-Doe |
| Julie Cameron-Doe | ||
| Chief Financial Officer |
Document
Exhibit 99.1
Wynn Resorts, Limited Reports Third Quarter 2025 Results
LAS VEGAS, November 6, 2025 — Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the third quarter ended September 30, 2025.
Operating revenues were $1.83 billion for the third quarter of 2025, an increase of $140.4 million from $1.69 billion for the third quarter of 2024. Net income attributable to Wynn Resorts, Limited was $88.3 million for the third quarter of 2025, compared to net loss attributable to Wynn Resorts, Limited of $32.1 million for the third quarter of 2024. Diluted net income per share was $0.85 for the third quarter of 2025, compared to diluted net loss per share of $0.29 for the third quarter of 2024. Adjusted Property EBITDAR(1) was $570.1 million for the third quarter of 2025, compared to Adjusted Property EBITDAR of $527.7 million for the third quarter of 2024.
“Our third quarter results were marked by impressive EBITDA growth in Macau, and continued outperformance in Las Vegas,” said Craig Billings, CEO of Wynn Resorts, Limited. “In Macau, we achieved healthy market share and saw a significant increase in mass table drop year over year. In Las Vegas, the team delivered another quarter of year over year EBITDA growth and continued to take gaming market share. We also made significant progress on the completion of Wynn Al Marjan Island, where we are now pouring concrete for the remaining few floors of the 70-story tower.”
Consolidated Results
Operating revenues were $1.83 billion for the third quarter of 2025, an increase of $140.4 million from $1.69 billion for the third quarter of 2024. For the third quarter of 2025, operating revenues increased $115.7 million, $13.8 million, and $13.6 million at Wynn Palace, our Las Vegas Operations, and Wynn Macau, respectively, and decreased $2.4 million at Encore Boston Harbor, from the third quarter of 2024.
Net income attributable to Wynn Resorts, Limited was $88.3 million for the third quarter of 2025, compared to net loss attributable to Wynn Resorts, Limited of $32.1 million for the third quarter of 2024. Diluted net income per share was $0.85 for the third quarter of 2025, compared to diluted net loss per share of $0.29 for the third quarter of 2024. Adjusted net income attributable to Wynn Resorts, Limited(2) was $88.7 million, or $0.86 per diluted share, for the third quarter of 2025, compared to adjusted net income attributable to Wynn Resorts, Limited of $98.9 million, or $0.90 per diluted share, for the third quarter of 2024.
Adjusted Property EBITDAR was $570.1 million for the third quarter of 2025, an increase of $42.4 million compared to Adjusted Property EBITDAR of $527.7 million for the third quarter of 2024. For the third quarter of 2025, Adjusted Property EBITDAR increased $38.0 million, $7.4 million, and $0.7 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and decreased $4.6 million at Encore Boston Harbor, from the third quarter of 2024.
Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on November 26, 2025 to stockholders of record as of November 17, 2025.
Property Results
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $635.5 million for the third quarter of 2025, an increase of $115.7 million from $519.8 million for the third quarter of 2024. Adjusted Property EBITDAR from Wynn Palace was $200.3 million for the third quarter of 2025, compared to $162.3 million for the third quarter of 2024. Table games win percentage in mass market operations was 22.6%, below the 23.9% experienced in the third quarter of 2024. VIP table games win as a percentage of turnover was 4.68%, above the property's expected range of 3.1% to 3.4% and above the 3.04% experienced in the third quarter of 2024.
Wynn Macau
Operating revenues from Wynn Macau were $365.5 million for the third quarter of 2025, an increase of $13.6 million from $352.0 million for the third quarter of 2024. Adjusted Property EBITDAR from Wynn Macau was $108.0 million for the third quarter of 2025, compared to $100.6 million for the third quarter of 2024. Table games win percentage in mass market operations was 18.7%, slightly above the 18.5% experienced in the third quarter of 2024. VIP table games win as a percentage of turnover was 2.93%, below the property's expected range of 3.1% to 3.4% and below the 3.61% experienced in the third quarter of 2024.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $621.0 million for the third quarter of 2025, an increase of $13.8 million from $607.2 million for the third quarter of 2024. Adjusted Property EBITDAR from our Las Vegas Operations for the third quarter of 2025 was $203.4 million, compared to $202.7 million for the third quarter of 2024. Table games win percentage for the third quarter of 2025 was 23.0%, within the property's expected range of 22% to 26% and slightly below the 23.3% experienced in the third quarter of 2024.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $211.8 million for the third quarter of 2025, a decrease of $2.4 million from $214.1 million for the third quarter of 2024. Adjusted Property EBITDAR from Encore Boston Harbor for the third quarter of 2025 was $58.4 million, compared to $63.0 million for the third quarter of 2024. Table games win percentage for the third quarter of 2025 was 20.5%, within the property's expected range of 18% to 22% and below the 21.3% experienced in the third quarter of 2024.
Wynn Al Marjan Island Development
During the third quarter of 2025, the Company contributed $93.9 million of cash to the 40%-owned joint venture that is constructing the Wynn Al Marjan Island development in the UAE, bringing our life-to-date cash contributions to the project to $835.0 million. Wynn Al Marjan Island is currently expected to open in 2027.
Balance Sheet
Our cash and cash equivalents as of September 30, 2025 totaled $1.49 billion, excluding $475.0 million of short-term investments held by Wynn Macau, Limited ("WML"). Cash and cash equivalents is comprised of $973.3 million held by WML and subsidiaries, $228.7 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $284.3 million held at Corporate and other. As of September 30, 2025, the available borrowing capacity under the WRF Revolver and the WM Cayman II Revolver was $1.23 billion and $1.36 billion, respectively.
Total current and long-term debt outstanding at September 30, 2025 was $10.57 billion, comprised of $5.81 billion of Macau related debt, $876.0 million of Wynn Las Vegas debt, $3.28 billion of WRF debt, and $598.1 million of debt held by the retail joint venture which we consolidate.
Recent Debt Financing Activities
In August 2025, WML issued $1.0 billion aggregate principal amount of 6 3/4% Senior Notes due 2034, and in September 2025, used the net proceeds from the offering, along with cash on hand, to redeem in full the outstanding $1.0 billion aggregate principal amount of its 5 1/2% Senior Notes due 2026 at a price equal to 100% of the principal amount.
As previously disclosed, in July 2025, we increased the borrowing capacity under the WM Cayman II Revolver by an additional aggregate amount of $1.0 billion equivalent through the exercise of an accordion feature under the existing facility agreement, bringing the total committed amount to $2.5 billion equivalent.
Conference Call and Other Information
The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on November 6, 2025 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before November 14, 2025, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended September 30, 2025 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com, to obtain access to such financial information.
Forward-looking Statements
This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, reductions in discretionary consumer spending, adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political conditions, adverse tourism trends, travel disruptions caused by events outside of our control, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development and success of new gaming and resort properties, construction and regulatory risks associated with current and future projects (including Wynn Al Marjan Island), cybersecurity risk and our leverage and ability to meet our debt service obligations. Additional information concerning potential factors that could affect the Company's financial results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as supplemented by the Company's other periodic reports filed with the Securities and Exchange Commission from time to time. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures
(1) "Adjusted Property EBITDAR" is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other expenses, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other expenses (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on debt financing transactions, and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income (loss), Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
(2) "Adjusted net income attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other expenses, change in derivatives fair value, loss on debt financing transactions, foreign currency remeasurement and other, and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts, Limited per diluted share are presented as supplemental disclosures to financial measures in accordance with GAAP because management believes that these non-GAAP financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to net income per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts, Limited per diluted share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
The Company has included schedules in the tables that accompany this release that reconcile (i) net income (loss) attributable to Wynn Resorts, Limited to adjusted net income attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDAR, and (iii) net income (loss) attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
| Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| Operating revenues: | ||||||||
| Casino | $ | 1,174,717 | $ | 1,018,754 | $ | 3,266,981 | $ | 3,149,166 |
| Rooms | 270,484 | 284,765 | 836,058 | 916,700 | ||||
| Food and beverage | 261,990 | 262,597 | 772,926 | 810,939 | ||||
| Entertainment, retail and other | 126,556 | 127,207 | 395,976 | 412,359 | ||||
| Total operating revenues | 1,833,747 | 1,693,323 | 5,271,941 | 5,289,164 | ||||
| Operating expenses: | ||||||||
| Casino | 705,421 | 617,469 | 1,983,362 | 1,907,426 | ||||
| Rooms | 86,385 | 83,376 | 256,524 | 245,991 | ||||
| Food and beverage | 231,100 | 220,187 | 656,167 | 647,351 | ||||
| Entertainment, retail and other | 54,541 | 56,184 | 174,768 | 190,137 | ||||
| General and administrative | 275,035 | 271,829 | 831,539 | 808,172 | ||||
| Provision for credit losses | 4,505 | 1,836 | 9,254 | 4,352 | ||||
| Pre-opening | 7,289 | 2,457 | 23,862 | 6,050 | ||||
| Depreciation and amortization | 152,828 | 156,273 | 461,156 | 507,611 | ||||
| Property charges and other | 6,154 | 150,475 | 31,631 | 206,238 | ||||
| Total operating expenses | 1,523,258 | 1,560,086 | 4,428,263 | 4,523,328 | ||||
| Operating income | 310,489 | 133,237 | 843,678 | 765,836 | ||||
| Other income (expense): | ||||||||
| Interest income | 16,581 | 30,729 | 51,799 | 105,785 | ||||
| Interest expense, net of amounts capitalized | (157,581) | (167,922) | (469,740) | (524,922) | ||||
| Change in derivatives fair value | (13,176) | (5,523) | (43,827) | (7,920) | ||||
| Loss on debt financing transactions | (618) | (109) | (1,701) | (1,670) | ||||
| Other | 33,868 | 21,300 | (10,670) | 25,323 | ||||
| Other income (expense), net | (120,926) | (121,525) | (474,139) | (403,404) | ||||
| Income before income taxes | 189,563 | 11,712 | 369,539 | 362,432 | ||||
| Provision for income taxes | (61,136) | (17,127) | (82,746) | (45,076) | ||||
| Net income (loss) | 128,427 | (5,415) | 286,793 | 317,356 | ||||
| Less: net income attributable to noncontrolling interests | (40,086) | (26,638) | (59,487) | (93,250) | ||||
| Net income (loss) attributable to Wynn Resorts, Limited | $ | 88,341 | $ | (32,053) | $ | 227,306 | $ | 224,106 |
| Basic and diluted net income (loss) per common share: | ||||||||
| Net income (loss) attributable to Wynn Resorts, Limited: | ||||||||
| Basic | $ | 0.86 | $ | (0.29) | $ | 2.19 | $ | 2.03 |
| Diluted | $ | 0.85 | $ | (0.29) | $ | 2.18 | $ | 2.02 |
| Weighted average common shares outstanding: | ||||||||
| Basic | 102,909 | 109,727 | 103,955 | 110,559 | ||||
| Diluted | 103,636 | 109,727 | 104,373 | 110,810 |
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED
TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(in thousands, except per share data)
(unaudited)
| Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| Net income (loss) attributable to Wynn Resorts, Limited | $ | 88,341 | $ | (32,053) | $ | 227,306 | $ | 224,106 |
| Pre-opening expenses | 7,289 | 2,457 | 23,862 | 6,050 | ||||
| Property charges and other | 6,154 | 150,475 | 31,631 | 206,238 | ||||
| Change in derivatives fair value | 13,176 | 5,523 | 43,827 | 7,920 | ||||
| Loss on debt financing transactions | 618 | 109 | 1,701 | 1,670 | ||||
| Foreign currency remeasurement and other | (33,868) | (21,300) | 10,670 | (25,323) | ||||
| Income tax impact on adjustments | 2,846 | (10,096) | (2,008) | (20,348) | ||||
| Noncontrolling interests impact on adjustments | 4,143 | 3,787 | (21,810) | (105) | ||||
| Adjusted net income attributable to Wynn Resorts, Limited | $ | 88,699 | $ | 98,902 | $ | 315,179 | $ | 400,208 |
| Adjusted net income attributable to Wynn Resorts, Limited per diluted share | $ | 0.86 | $ | 0.90 | $ | 3.02 | $ | 3.61 |
| Weighted average common shares outstanding - diluted | 103,636 | 109,930 | 104,373 | 110,810 |
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
| Three Months Ended September 30, 2025 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Wynn Palace | Wynn Macau | Other Macau | Total Macau Operations | Las Vegas Operations | Encore Boston Harbor | Corporate and Other | Total | |||||||||
| Operating income (loss) | $ | 112,418 | $ | 75,195 | $ | (9,653) | $ | 177,960 | $ | 96,813 | $ | (2,888) | $ | 38,604 | $ | 310,489 |
| Pre-opening expenses | 1 | — | — | 1 | 210 | — | 7,078 | 7,289 | ||||||||
| Depreciation and amortization | 60,012 | 18,157 | 399 | 78,568 | 57,449 | 14,194 | 2,617 | 152,828 | ||||||||
| Property charges and other | 4,423 | 190 | 12 | 4,625 | 1,262 | 128 | 139 | 6,154 | ||||||||
| Management and license fees | 20,206 | 11,318 | — | 31,524 | 29,390 | 10,325 | (71,239) | — | ||||||||
| Corporate expenses and other | 1,893 | 1,912 | 8,314 | 12,119 | 6,784 | 1,333 | 15,485 | 35,721 | ||||||||
| Stock-based compensation | 1,329 | 1,226 | 928 | 3,483 | 11,505 | 360 | 7,316 | 22,664 | ||||||||
| Triple-net operating lease rent expense | — | — | — | — | — | 34,942 | — | 34,942 | ||||||||
| Adjusted Property EBITDAR | $ | 200,282 | $ | 107,998 | $ | — | $ | 308,280 | $ | 203,413 | $ | 58,394 | $ | — | $ | 570,087 |
| Three Months Ended September 30, 2024 | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Wynn Palace | Wynn Macau | Other Macau | Total Macau Operations | Las Vegas Operations | Encore Boston Harbor | Corporate and Other | Total | |||||||||
| Operating income (loss) | $ | 85,417 | $ | 66,342 | $ | (8,212) | $ | 143,547 | $ | (28,040) | $ | 4,072 | $ | 13,658 | $ | 133,237 |
| Pre-opening expenses | — | — | — | — | 884 | 2 | 1,571 | 2,457 | ||||||||
| Depreciation and amortization | 55,978 | 19,658 | 395 | 76,031 | 61,071 | 12,766 | 6,405 | 156,273 | ||||||||
| Property charges and other | 879 | 265 | 12 | 1,156 | 130,367 | (1,785) | 20,737 | 150,475 | ||||||||
| Management and license fees | 16,694 | 10,943 | — | 27,637 | 28,616 | 10,460 | (66,713) | — | ||||||||
| Corporate expenses and other | 2,069 | 2,087 | 6,687 | 10,843 | 7,979 | 1,768 | 15,594 | 36,184 | ||||||||
| Stock-based compensation | 1,246 | 1,299 | 1,118 | 3,663 | 1,843 | 354 | 7,810 | 13,670 | ||||||||
| Triple-net operating lease rent expense | — | — | — | — | — | 35,381 | — | 35,381 | ||||||||
| Adjusted Property EBITDAR | $ | 162,283 | $ | 100,594 | $ | — | $ | 262,877 | $ | 202,720 | $ | 63,018 | $ | (938) | $ | 527,677 |
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
| Nine Months Ended September 30, 2025 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Wynn Palace | Wynn Macau | Other Macau | Total Macau Operations | Las Vegas Operations | Encore Boston Harbor | Corporate and Other | Total | |||||||||
| Operating income (loss) | $ | 267,743 | $ | 190,925 | $ | (25,276) | $ | 433,392 | $ | 323,349 | $ | (12,576) | $ | 99,513 | $ | 843,678 |
| Pre-opening expenses | 4,205 | — | — | 4,205 | 3,065 | — | 16,592 | 23,862 | ||||||||
| Depreciation and amortization | 175,793 | 55,661 | 1,195 | 232,649 | 178,898 | 42,389 | 7,220 | 461,156 | ||||||||
| Property charges and other | 6,246 | 5,629 | 28 | 11,903 | 10,327 | 6,691 | 2,710 | 31,631 | ||||||||
| Management and license fees | 55,311 | 32,339 | — | 87,650 | 88,838 | 30,915 | (207,403) | — | ||||||||
| Corporate expenses and other | 6,144 | 6,306 | 21,201 | 33,651 | 22,272 | 4,606 | 58,219 | 118,748 | ||||||||
| Stock-based compensation | 3,931 | 3,847 | 2,852 | 10,630 | 34,837 | 2,285 | 23,149 | 70,901 | ||||||||
| Triple-net operating lease rent expense | — | — | — | — | — | 105,397 | — | 105,397 | ||||||||
| Adjusted Property EBITDAR | $ | 519,373 | $ | 294,707 | $ | — | $ | 814,080 | $ | 661,586 | $ | 179,707 | $ | — | $ | 1,655,373 |
| Nine Months Ended September 30, 2024 | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Wynn Palace | Wynn Macau | Other Macau | Total Macau Operations | Las Vegas Operations | Encore Boston Harbor | Corporate and Other | Total | |||||||||
| Operating income (loss) | $ | 307,258 | $ | 228,518 | $ | (24,311) | $ | 511,465 | $ | 243,147 | $ | (30,847) | $ | 42,071 | $ | 765,836 |
| Pre-opening expenses | — | — | — | — | 1,620 | 649 | 3,781 | 6,050 | ||||||||
| Depreciation and amortization | 166,421 | 59,737 | 1,165 | 227,323 | 181,700 | 75,842 | 22,746 | 507,611 | ||||||||
| Property charges and other | 12,571 | 711 | 124 | 13,406 | 132,542 | (1,615) | 61,905 | 206,238 | ||||||||
| Management and license fees | 52,982 | 34,288 | — | 87,270 | 88,533 | 31,483 | (207,286) | — | ||||||||
| Corporate expenses and other | 6,457 | 6,588 | 19,807 | 32,852 | 23,930 | 5,486 | 47,531 | 109,799 | ||||||||
| Stock-based compensation | 3,423 | 3,849 | 3,215 | 10,487 | 7,843 | 1,159 | 24,717 | 44,206 | ||||||||
| Triple-net operating lease rent expense | — | — | — | — | — | 106,127 | — | 106,127 | ||||||||
| Adjusted Property EBITDAR | $ | 549,112 | $ | 333,691 | $ | — | $ | 882,803 | $ | 679,315 | $ | 188,284 | $ | (4,535) | $ | 1,745,867 |
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO
ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
| Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| Net income (loss) attributable to Wynn Resorts, Limited | $ | 88,341 | $ | (32,053) | $ | 227,306 | $ | 224,106 |
| Net income attributable to noncontrolling interests | 40,086 | 26,638 | 59,487 | 93,250 | ||||
| Pre-opening expenses | 7,289 | 2,457 | 23,862 | 6,050 | ||||
| Depreciation and amortization | 152,828 | 156,273 | 461,156 | 507,611 | ||||
| Property charges and other | 6,154 | 150,475 | 31,631 | 206,238 | ||||
| Triple-net operating lease rent expense | 34,942 | 35,381 | 105,397 | 106,127 | ||||
| Corporate expenses and other | 35,721 | 36,184 | 118,748 | 109,799 | ||||
| Stock-based compensation | 22,664 | 13,670 | 70,901 | 44,206 | ||||
| Interest income | (16,581) | (30,729) | (51,799) | (105,785) | ||||
| Interest expense, net of amounts capitalized | 157,581 | 167,922 | 469,740 | 524,922 | ||||
| Change in derivatives fair value | 13,176 | 5,523 | 43,827 | 7,920 | ||||
| Loss on debt financing transactions | 618 | 109 | 1,701 | 1,670 | ||||
| Other | (33,868) | (21,300) | 10,670 | (25,323) | ||||
| Provision for income taxes | 61,136 | 17,127 | 82,746 | 45,076 | ||||
| Adjusted Property EBITDAR | $ | 570,087 | $ | 527,677 | $ | 1,655,373 | $ | 1,745,867 |
WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited)
| Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | Percent Change | 2025 | 2024 | Percent Change | |||||||||
| Wynn Palace Supplemental Information | ||||||||||||||
| Operating revenues | ||||||||||||||
| Casino | $ | 542,439 | $ | 418,043 | 29.8 | $ | 1,435,245 | $ | 1,336,788 | 7.4 | ||||
| Rooms | 37,396 | 49,145 | (23.9) | 112,492 | 153,287 | (26.6) | ||||||||
| Food and beverage | 33,293 | 31,506 | 5.7 | 95,477 | 93,405 | 2.2 | ||||||||
| Entertainment, retail and other | 22,344 | 21,096 | 5.9 | 67,828 | 71,260 | (4.8) | ||||||||
| Total | $ | 635,472 | $ | 519,790 | 22.3 | $ | 1,711,042 | $ | 1,654,740 | 3.4 | ||||
| Adjusted Property EBITDAR (6) | $ | 200,282 | $ | 162,283 | 23.4 | $ | 519,373 | $ | 549,112 | (5.4) | ||||
| Casino statistics: | ||||||||||||||
| VIP: | ||||||||||||||
| Average number of table games | 52 | 57 | (8.8) | 53 | 58 | (8.6) | ||||||||
| VIP turnover | $ | 3,261,314 | $ | 3,199,140 | 1.9 | $ | 11,337,407 | $ | 9,930,241 | 14.2 | ||||
| VIP table games win (1) | $ | 152,478 | $ | 97,312 | 56.7 | $ | 373,481 | $ | 342,024 | 9.2 | ||||
| VIP table games win as a % of turnover | 4.68 | % | 3.04 | % | 3.29 | % | 3.44 | % | ||||||
| Table games win per unit per day | $ | 32,401 | $ | 18,614 | 74.1 | $ | 25,888 | $ | 21,677 | 19.4 | ||||
| Mass market: | ||||||||||||||
| Average number of table games | 247 | 247 | — | 248 | 245 | 1.2 | ||||||||
| Table drop (2) | $ | 2,057,789 | $ | 1,694,575 | 21.4 | $ | 5,606,241 | $ | 5,215,019 | 7.5 | ||||
| Table games win (1) | $ | 465,683 | $ | 404,307 | 15.2 | $ | 1,299,679 | $ | 1,251,039 | 3.9 | ||||
| Table games win % | 22.6 | % | 23.9 | % | 23.2 | % | 24.0 | % | ||||||
| Table games win per unit per day | $ | 20,714 | $ | 17,801 | 16.4 | $ | 19,282 | $ | 18,620 | 3.6 | ||||
| Average number of slot machines | 653 | 596 | 9.6 | 643 | 592 | 8.6 | ||||||||
| Slot machine handle | $ | 710,156 | $ | 577,289 | 23.0 | $ | 2,202,840 | $ | 1,815,623 | 21.3 | ||||
| Slot machine win (3) | $ | 30,482 | $ | 27,230 | 11.9 | $ | 92,320 | $ | 83,790 | 10.2 | ||||
| Slot machine win per unit per day | $ | 513 | $ | 497 | 3.2 | $ | 528 | $ | 517 | 2.1 | ||||
| Room statistics: | ||||||||||||||
| Occupancy | 98.2 | % | 98.3 | % | 98.4 | % | 98.7 | % | ||||||
| ADR (4) | $ | 221 | $ | 295 | (25.1) | $ | 225 | $ | 315 | (28.6) | ||||
| REVPAR (5) | $ | 217 | $ | 289 | (24.9) | $ | 222 | $ | 311 | (28.6) |
Note: Our casino operations in Macau were closed for a 1-day period in September 2025 due to Typhoon Ragasa.
WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited) (continued)
| Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | Percent Change | 2025 | 2024 | Percent Change | |||||||||
| Wynn Macau Supplemental Information | ||||||||||||||
| Operating revenues | ||||||||||||||
| Casino | $ | 314,489 | $ | 296,781 | 6.0 | $ | 883,419 | $ | 923,851 | (4.4) | ||||
| Rooms | 21,149 | 23,755 | (11.0) | 66,188 | 76,116 | (13.0) | ||||||||
| Food and beverage | 17,343 | 19,524 | (11.2) | 53,155 | 60,546 | (12.2) | ||||||||
| Entertainment, retail and other | 12,532 | 11,897 | 5.3 | 36,524 | 40,457 | (9.7) | ||||||||
| Total | $ | 365,513 | $ | 351,957 | 3.9 | $ | 1,039,286 | $ | 1,100,970 | (5.6) | ||||
| Adjusted Property EBITDAR (6) | $ | 107,998 | $ | 100,594 | 7.4 | $ | 294,707 | $ | 333,691 | (11.7) | ||||
| Casino statistics: | ||||||||||||||
| VIP: | ||||||||||||||
| Average number of table games | 17 | 30 | (43.3) | 23 | 30 | (23.3) | ||||||||
| VIP turnover | $ | 1,019,346 | $ | 1,201,516 | (15.2) | $ | 3,438,127 | $ | 3,955,277 | (13.1) | ||||
| VIP table games win (1) | $ | 29,873 | $ | 43,326 | (31.1) | $ | 79,025 | $ | 122,705 | (35.6) | ||||
| VIP table games win as a % of turnover | 2.93 | % | 3.61 | % | 2.30 | % | 3.10 | % | ||||||
| Table games win per unit per day | $ | 18,871 | $ | 15,692 | 20.3 | $ | 12,862 | $ | 14,988 | (14.2) | ||||
| Mass market: | ||||||||||||||
| Average number of table games | 238 | 222 | 7.2 | 230 | 222 | 3.6 | ||||||||
| Table drop (2) | $ | 1,633,273 | $ | 1,515,462 | 7.8 | $ | 4,793,914 | $ | 4,801,533 | (0.2) | ||||
| Table games win (1) | $ | 305,761 | $ | 280,044 | 9.2 | $ | 875,146 | $ | 887,194 | (1.4) | ||||
| Table games win % | 18.7 | % | 18.5 | % | 18.3 | % | 18.5 | % | ||||||
| Table games win per unit per day | $ | 14,139 | $ | 13,713 | 3.1 | $ | 13,993 | $ | 14,599 | (4.2) | ||||
| Average number of slot machines | 809 | 621 | 30.3 | 763 | 607 | 25.7 | ||||||||
| Slot machine handle | $ | 855,707 | $ | 815,319 | 5.0 | $ | 2,718,205 | $ | 2,347,521 | 15.8 | ||||
| Slot machine win (3) | $ | 25,588 | $ | 24,434 | 4.7 | $ | 75,148 | $ | 76,604 | (1.9) | ||||
| Slot machine win per unit per day | $ | 347 | $ | 428 | (18.9) | $ | 362 | $ | 461 | (21.5) | ||||
| Poker rake | $ | 2,722 | $ | 3,205 | (15.1) | $ | 8,778 | $ | 11,831 | (25.8) | ||||
| Room statistics: | ||||||||||||||
| Occupancy | 98.8 | % | 98.9 | % | 99.1 | % | 99.2 | % | ||||||
| ADR (4) | $ | 207 | $ | 233 | (11.2) | $ | 219 | $ | 251 | (12.7) | ||||
| REVPAR (5) | $ | 205 | $ | 230 | (10.9) | $ | 217 | $ | 249 | (12.9) |
Note: Our casino operations in Macau were closed for a 1-day period in September 2025 due to Typhoon Ragasa.
WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited) (continued)
| Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | Percent Change | 2025 | 2024 | Percent Change | |||||||||
| Las Vegas Operations Supplemental Information | ||||||||||||||
| Operating revenues | ||||||||||||||
| Casino | $ | 161,576 | $ | 145,186 | 11.3 | $ | 471,071 | $ | 410,023 | 14.9 | ||||
| Rooms | 186,712 | 187,123 | (0.2) | 590,561 | 617,071 | (4.3) | ||||||||
| Food and beverage | 192,544 | 191,776 | 0.4 | 566,847 | 593,804 | (4.5) | ||||||||
| Entertainment, retail and other | 80,180 | 83,087 | (3.5) | 256,451 | 251,476 | 2.0 | ||||||||
| Total | $ | 621,012 | $ | 607,172 | 2.3 | $ | 1,884,930 | $ | 1,872,374 | 0.7 | ||||
| Adjusted Property EBITDAR (6) | $ | 203,413 | $ | 202,720 | 0.3 | $ | 661,586 | $ | 679,315 | (2.6) | ||||
| Casino statistics: | ||||||||||||||
| Average number of table games | 233 | 235 | (0.9) | 234 | 234 | — | ||||||||
| Table drop (2) | $ | 652,293 | $ | 580,800 | 12.3 | $ | 1,854,052 | $ | 1,721,435 | 7.7 | ||||
| Table games win (1) | $ | 150,073 | $ | 135,230 | 11.0 | $ | 427,109 | $ | 409,336 | 4.3 | ||||
| Table games win % | 23.0 | % | 23.3 | % | 23.0 | % | 23.8 | % | ||||||
| Table games win per unit per day | $ | 6,994 | $ | 6,256 | 11.8 | $ | 6,691 | $ | 6,380 | 4.9 | ||||
| Average number of slot machines | 1,573 | 1,620 | (2.9) | 1,575 | 1,612 | (2.3) | ||||||||
| Slot machine handle | $ | 1,818,133 | $ | 1,695,799 | 7.2 | $ | 5,356,473 | $ | 4,840,241 | 10.7 | ||||
| Slot machine win (3) | $ | 123,500 | $ | 112,771 | 9.5 | $ | 370,350 | $ | 322,544 | 14.8 | ||||
| Slot machine win per unit per day | $ | 854 | $ | 757 | 12.8 | $ | 861 | $ | 730 | 17.9 | ||||
| Poker rake | $ | 5,148 | $ | 4,629 | 11.2 | $ | 17,583 | $ | 16,652 | 5.6 | ||||
| Room statistics: | ||||||||||||||
| Occupancy | 85.7 | % | 89.0 | % | 87.4 | % | 89.3 | % | ||||||
| ADR (4) | $ | 505 | $ | 495 | 2.0 | $ | 527 | $ | 541 | (2.6) | ||||
| REVPAR (5) | $ | 433 | $ | 441 | (1.8) | $ | 461 | $ | 483 | (4.6) |
WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR, and REVPAR)
(unaudited) (continued)
| Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | Percent Change | 2025 | 2024 | Percent Change | |||||||||
| Encore Boston Harbor Supplemental Information | ||||||||||||||
| Operating revenues | ||||||||||||||
| Casino | $ | 156,213 | $ | 158,744 | (1.6) | $ | 477,246 | $ | 478,504 | (0.3) | ||||
| Rooms | 25,227 | 24,742 | 2.0 | 66,817 | 70,226 | (4.9) | ||||||||
| Food and beverage | 18,810 | 19,791 | (5.0) | 57,447 | 63,184 | (9.1) | ||||||||
| Entertainment, retail and other | 11,500 | 10,844 | 6.0 | 35,173 | 32,599 | 7.9 | ||||||||
| Total | $ | 211,750 | $ | 214,121 | (1.1) | $ | 636,683 | $ | 644,513 | (1.2) | ||||
| Adjusted Property EBITDAR (6) | $ | 58,394 | $ | 63,018 | (7.3) | $ | 179,707 | $ | 188,284 | (4.6) | ||||
| Casino statistics: | ||||||||||||||
| Average number of table games | 172 | 179 | (3.9) | 172 | 182 | (5.5) | ||||||||
| Table drop (2) | $ | 323,981 | $ | 347,082 | (6.7) | $ | 1,002,226 | $ | 1,072,750 | (6.6) | ||||
| Table games win (1) | $ | 66,257 | $ | 74,048 | (10.5) | $ | 208,155 | $ | 227,496 | (8.5) | ||||
| Table games win % | 20.5 | % | 21.3 | % | 20.8 | % | 21.2 | % | ||||||
| Table games win per unit per day | $ | 4,187 | $ | 4,507 | (7.1) | $ | 4,433 | $ | 4,553 | (2.6) | ||||
| Average number of slot machines | 2,727 | 2,611 | 4.4 | 2,721 | 2,612 | 4.2 | ||||||||
| Slot machine handle | $ | 1,397,554 | $ | 1,378,066 | 1.4 | $ | 4,120,102 | $ | 4,201,520 | (1.9) | ||||
| Slot machine win (3) | $ | 110,797 | $ | 105,550 | 5.0 | $ | 327,752 | $ | 315,773 | 3.8 | ||||
| Slot machine win per unit per day | $ | 442 | $ | 439 | 0.7 | $ | 441 | $ | 441 | — | ||||
| Poker rake | $ | 5,410 | $ | 5,334 | 1.4 | $ | 16,482 | $ | 16,422 | 0.4 | ||||
| Room statistics: | ||||||||||||||
| Occupancy | 95.5 | % | 96.9 | % | 92.2 | % | 94.4 | % | ||||||
| ADR (4) | $ | 431 | $ | 426 | 1.2 | $ | 399 | $ | 410 | (2.7) | ||||
| REVPAR (5) | $ | 412 | $ | 412 | — | $ | 368 | $ | 387 | (4.9) |
(1)Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.
(2)In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box.
(3)Slot machine win is calculated as gross slot machine win minus progressive accruals and free play.
(4)ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied.
(5)REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available.
(6)Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDAR and Net Income (Loss) Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.
SOURCE:
Wynn Resorts, Limited
CONTACT:
Lauren Seiler
702-770-7555
investorrelations@wynnresorts.com
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